Venterra Secures Acquisition Financing for Suburban Houston M-F Property
- Jul 18, 2014
Venterra Realty has added a Houston-area fractured condominium property to its portfolio, the 332-unit Fairways at South Shore in League City, Texas, courtesy of acquisition financing secured with the assistance of commercial real estate and capital markets services provider HFF.
Located at 3045 Marina Bay Drive, roughly 28 miles outside of downtown Houston, Fairways is actually home to a total of 432 units; however, 100 of those units are held by individual owners. Financing for the purchase of the 15-year-old asset came from a CMBS lender in the form of a seven-year, fixed-rate loan featuring four years of interest-only payments.
HFF, which will also service the securitized loan, has been quite active in metropolitan Houston on Venterra’s behalf this month. In two separate transactions, the firm also orchestrated refinancing for the 240-unit Shadowbrooke and the 312-unit Silverbrooke, apartment communities linked via a private park in Stafford, Texas, approximately 20 miles from downtown Houston. HFF is servicing these loans as well.
The lending community has good reason to be keen on the Houston multi-family sector. It’s all about demand.
“Houston’s apartment market will stage another strong performance in 2014, even as completions rise significantly,” according to a report by Marcus & Millichap Real Estate Investment Services. “Outsized job creation continues to fuel population growth in Houston. The metro will welcome roughly 116,000 new residents in 2014, including 26,300 individuals in the prime renter-age cohort of 20 to 34 years.”